If you suffer catastrophic injury from a car accident (loss of limb, para/quadriplegic), standard Accident Benefits provide $1,000,000 for medical, rehabilitation and attendant care expenses.
If your injury is less severe (broken bones, strains), available coverage is $65,000. These standard benefits were reduced by the Ontario government to help stabilize rates and provide more choice to consumers, but it’s likely people will feel the impact of these reductions.
Drivers should be aware of their Accident Benefit coverage
The good news is there are options. Purchase additional Accident Benefit Coverage form your insurance broker depending on what you need – whether that’s increasing coverage, extending it to cover minor injuries or adding benefits to cover unexpected cost. If you earn more than $30,000 a year, you can increase your income replacement coverage to $600, $800 or $1,000 (depending on your income).
While it’s convenient to obtain a quick quote online, that quote won’t provide the complete picture you need. Talk to your insurance broker directly and decide what is most important.
The advice and information contained in this article are for educational purposes only and is not intended to replace an insurance broker’s advice. Please always consult your insurance broker for your insurance needs.